Tax Setup for Israel Localization
With the Israel Localization SuiteApp, you can define or verify VAT Tax Authority for your Israeli subsidiaries.
To define or verify VAT Tax Authority for the Israeli subsidiary:
This is automatically defined during the SuiteApp installation but should be verified as the roles are set up.
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Go to List > Relationships > Vendors.
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Verify that the details displayed are correct.
Tax accounts are added automatically as part of the implementation. It's a good practice to verify that these have been implemented correctly before assigning user roles.
To define or verify VAT Accounts:
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Go to Setup > Accounting > Tax Control Accounts.
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Verify that the following tax accounts have been created:
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VAT on Sales IL
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VAT on Purchases IL
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VAT Liability IL
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Non-Claimable VAT IL
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To add additional tax types, go to Setup > Accounting > Tax Types.
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Click New Tax Type.
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Fill in the required fields.
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Click Save.
To define VAT Types:
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Go to Setup > Accounting > Tax Types.
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Click the New Tax Type button.
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Select Israel.
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Enter the following information:
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Name: ILAP
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Description: Israel
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Liability/Sales Tax Account: blank/empty
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Asset/Purchase Account: VAT on Purchase IL
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Click Save.
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To create the next tax type, select Israel and enter the following information:
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Name: ILAR
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Description: Israel
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Liability/Sales Tax Account: VAT on Sales IL
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Asset/Purchase Account: blank/empty
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Click Save.
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To create the next tax type, select Israel and enter the following information:
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Name: ILAPN
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Description: Israel
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Liability/Sales Tax Account: blank/empty
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Asset/Purchase Account: Non-Claimable VAT IL
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Click Save.